Work on Contracts Leads to Nobel Prize

By Team SpringCM

          Contract Management

contract-1426885.jpgWhen you think of the Nobel Prize, it’s often the Nobel Peace Prize recipients who get all the glory - and rightfully so! But in addition to the Dalai Lama and President Barack Obama, today we’re also honoring Oliver Hart and Bengt Holmstrom, two professors from Harvard and MIT who’ve been awarded the Nobel Prize in economics for their contributions to contract theory.

And as you might guess, we’re pretty passionate about contract theory around here! The Royal Academy of Sciences, which awards the Nobel Prize, noted that “Contracts are essential to the functioning of modern societies.”

We – and our customers – couldn’t agree more. Contracts are the lifeblood of any business. They define how much revenue a business can bring in from selling a product or service, the duration of a business partnership or terms of employment. Contracts also put conditions in place if something were to go wrong. That’s why it’s critical that businesses manage contracts properly.

That’s why SpringCM is dedicated to creating the best contract management and document management tools available today. With our cloud-based platform, SpringCM delivers more visibility between sales and legal teams, so our customers are able to head off any issues before they become problems. Simply put, SpringCM accelerates productivity by optimizing  the generation, workflow, and storage of contracts. The end result? Check out the numbers:

  • Increased revenue of up to 9 percent
  • Reduced contract-to-close time by as much as 75 percent over using manual tools
  • Increased customer retention rate by 25 percent
  • Increased contact compliance by 55 percent
  • Decreased funnel risk by up to 10 percent

In today’s global economy, it’s clear that a smart contract lifecycle management solution is key to maintaining a competitive edge by eliminating extra steps and speeding up the overall sales cycle – which means more revenue, faster.

We’re hard at work innovating the next generation of contract management tools. Stay tuned to our website and blog to learn more, but in the meantime, join us in congratulating Oliver and Bengt on receiving the Nobel Prize for their work in contract theory!

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